Unit-3-Marketing-Information-System-_-Buyer-Behavior-1.pptx

Marketing information system deep understanding

1. FUNDAMENTALS OF MARKETING

2. UNIT- 3 MA NAGING MARKETING INFORMATION Contents Concept and relevance of information in marketing decisions Components of the marketing information system Marketing research areas and process

3. MARKETING INFORMATION SYSTEM Concept Data Raw information. Input part of information. Accumulation of facts or opinions. Data are facts expressed in the form of symbols such as alphabets, digits, graphs, diagrams and pictures. Information Processed data. Useful data becomes information. Involves sorting, classifying, calculating, evaluating and summarizing of data. Has significance .

4. MARKETING INFORMATION SYSTEM Information is power. Marketing managers need information to respond to environmental changes. Marketing decisions are based on information. Organizations need to design and use an effective marketing information system (MKIS) to gather information. They should provide continuous flow of information to their marketing managers. Marketing information system provides information support for marketing decision making. It consists of people, procedures and equipment.

5. MARKETING INFORMATION SYSTEM A marketing information system is a unified system of interrelated parts to provide information support to achieve marketing objectives. It consists of input- processing-output- feedback components.

6. Inp u t Process Output Raw Useful PROCESS OF DATA INTO INFORMATION Then, What are the process of converting data into information?

7. PROCESS OF DATA INTO INFORMATION It involves collecting and recording raw information about a fact or an event or opinion. It involves rearranging data in some specified order. It involves categorizing data in terms of selected variables. It involves determining the numerical value of the data. It involves giving some meaning to the data and converting it into information.

8. SOURCES OF DATA

9. SOURCES OF INFORMATION 2/8/2023 7:00 AM Which includes information on the order- to payment cycle and sales information systems. A set of procedures and sources used by managers to obtain everyday information about relevant developments in the marketing environment. Marketing research system that allows for the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation.

10. SOURCES OF INFORMATION 2/8/2023 7:00 AM Internal data is gathered via customer databases, financial records and operational reports. It is the systematic collection and analysis of publicly available information about competitor and trends in the marketing environment. It is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.

11. IMPORTANCE OF DATA & INFORMATION

12. MARKETING INFORMATION SYSTEM 2/8/2023 7:00 AM M KI S is the mechanism for providing decision making information and data to the marketing decision maker. Provides continuous flow of information about prices, advertising, sales, competition and distribution. Major tools for scanning and monitoring the external environmental forces. It collects vital information from various sources, analyzes and synthesizes disseminate to the marketing decision markers.

13. MARKETING INFORMATION SYSTEM retrieve information for us “ M KIS is an on-going, organized procedure to generate, in making analyze, marketing disseminate, store and decisions.” Definition: Philip Kotler- M KIS is a planned system of collecting, processing, storing and disseminating data in the form of information needed to carry out the functions of management. “Marketing Information System consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers.” William J. Stanton-

14. Input Data Generation: - External Sources - Internal Sources Output - Regular Reports - Special Reports - Others M KIS Data Analysis Data Evaluation Data Storage Data Retrieval Information Dissemination Data Sorting FEEDBACK

15. FEATURES- MARKETING INFORMATION SYSTEM

16. IMPORTANCE OF MARKETING INFORMATION SYSTEM

17. COMPONENTS - MARKETING INFORMATION SYSTEM 2/8/2023 7:00 AM

18. The records that are gathered from sources and located within the organization . Future forecasting is possible only by studying and analyzing the past and present results of the organization. This records may include filed documents and reports maintained and prepared by a group of specialists working in the organization including various departments and sections. Customer’s order and complain Invoices Sales R eports Marketing research reports Financial statements Audit report Inventory level records

19. It provides information about everyday happening in the marketing environment . A marketing intelligence system is a set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment. The internal records system supplies results data, but the marketing intelligence system supplies happenings data. Informal and casual environmental scanning Formal environment scanning - Marketing managers - Sales force -Middlemen -Specialists -Outsourcing - Marketing information section

20. Marketing research is a systematic inquiry undertaken to help resolve a specific marketing problem . Process Of Marketing Research Features : Systematic Objective Problem oriented Decision making

21. William Stanton “A decision support system is a procedure that allows a manager to interact with data and methods of analysis to gather, analyze and interpret information .” It is a set of statistical or mathematical tools and decision models that help the marketing managers in analyzing data gathered or supplied through the sub- systems of the MIS and making rational decision. It helps marketers to make decisions on the problems by telling the truth about the situation . It works through computer workstations . It does not collect any information. It stores, analyzes and synthesizes the collected and stored information.

22. 2/8/2023 7:00 AM The Nepalese market has traditionally been a seller’s market characterized by controls, shortages and scarcities. Most of the organizations lack effective marketing information system. Marketing decisions are largely based on hunches and intuition where personal knowledge and experience play an important role.

23. MARKETING INFORMATION SYSTEM IN NEPAL Since 1980, Nepal has adopted the policy of liberalization , privatization and globalization of the economy has been increasing . The growing competition has led to the emergence of a buyer’s market. Computerization is increasing in business enterprises which has led to growing awareness about the importance of marketing information system for decision making.

24. The marketing information needs are not carefully assessed. Ad- hoc managerial decisions generally determine such needs . The internal records constitute the most important components of marketing information system. They are used to make sales analysis, customer demand and market analysis. There is a growing trend towards computerization of internal records. Marketing intelligence is also used by Nepalese companies in a limited way. They subscribe to newspapers and magazines. Sales force and middlemen also provide intelligence but t h ey are not properly trained and motivated.

25. Decision support system has not made much headway in Nepal. Some global companies use quantitative tools to interpret data. Private sector banks use MKIS for their operations. Marketing research is at an early stage of development. But it is not getting attention from marketing managers. Some organizations have set up their own market research department. Consulting firms in the private sector have mushroomed to provide market research services. Professional marketing research firms have started operations in Nepal. Marketing research in Nepal is dominated by advertising and product- related problems. Customer characteristics have been little researched. Nepal has been fast introducing new information technology. It is expected that the growth of market information technology will be rapid in the 21 st century. The demand for market research is growing. Marketing is getting on-line.

26. What is the importance of marketing information system? - 1 Point out the components of marketing information system? - 1 Give one major purpose of marketing intelligence system. - 1 What are the problem of marketing information system in Nepal - 1 What are the components of marketing? - 1 Give the meaning of decision support system. - 1 What are the sources of information for consumer? - 1 What is marketing information system? Explain the components of marketing information system. –10 What is marketing information system? Explain the importance of marketing information system. - 10 Describe the components of marketing information system. - 5